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Home My WebLink AboutCity of Tamarac Resolution R-98-092Temp. Reso.#8166 March 3, 1998 1 CITY OF TAMARAC RESOLUTION NO. R-98- qA A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF TAMARAC, FLORIDA, AUTHORIZING THE APPROPRIATE CITY OFFICIALS TO RELEASE A PUBLIC IMPROVEMENT PERFORMANCE BOND IN THE FORM OF AN IRREVOCABLE STANDBY LETTER OF CREDIT #13723796 FROM PULTE FINANCIAL COMPANIES, INC., IN THE AMOUNT OF $97,176.00 SUBJECT TO THE RECEIPT OF A WARRANTY BOND IN THE AMOUNT OF $33,648.41 FOR THE WATER DISTRIBUTION AND SEWAGE COLLECTION SYSTEM IMPROVEMENTS INSTALLED BY PULTE HOME CORPORATION FOR THE PLUM HARBOR PHASE 2 PROJECT LOCATED ON THE NORTHEAST CORNER OF NOB HILL ROAD AND COMMERCIAL BOULEVARD; PROVIDING FOR CONFLICTS; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, Pulte Home Corporation has constructed the Plum Harbor Phase 2 Project and has completed the Water Distribution and Sewage Collection System Improvements in accordance with the Site Plan approved by the City Commission on February 10, 1993; and WHEREAS, the Water and Sewer Developer's Agreement accepted and executed by the City of Tamarac on September 22, 1993, requires Pulte Home Corporation to provide a one-year Warranty Bond to the City of Tamarac for the Plum Harbor Phase 2 Project Water Distribution and Sewage Collection System Improvements located on the northeast corner of Nob Hill Road and Commercial Temp. Reso.#8166 March 3, 1998 2 Boulevard (attached hereto in map form as "Exhibit 1 "); and WHEREAS, Pulte Home Corporation has requested the release of the Public Improvement Performance Bond in the form of an Irrevocable Standby Letter of Credit #13723796 from Pulte Financial Companies, Inc., in the amount of $97,176.00 (attached hereto as "Exhibit 2") subject to the receipt of a one-year Warranty Bond in the amount of $33,648.41 for the Water Distribution and Sewage Collection System Improvements installed for the Plum Harbor Phase 2 Project; and WHEREAS, the Improvements were inspected, approved and are recommended for acceptance for a one-year warranty period by the Utilities Engineering Division; and WHEREAS, it is the recommendation of the Director of Utilities that the Public Improvement Performance Bond be released for the Plum Harbor Phase 2 Project Water Distribution and Sewage Collection System Improvements subject to the receipt of a one-year Warranty Bond; and WHEREAS, the City Commission of the City of Tamarac, Florida deems it to be in the best interest of the citizens and residents of the City of Tamarac to release the Public Improvement Performance Bond subject to the receipt of a one-year Warranty Bond from Pulte Home Corporation for the Plum Harbor Phase 2 Project Water Temp. Reso.#8166 March 3, 1998 3 Distribution and Sewage Collection System Improvements. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF TAMARAC, FLORIDA: SECTION 1: The foregoing "WHEREAS" clauses are hereby ratified and confirmed as being true and correct and are hereby made a specific part of this resolution. SECTION 2: That the appropriate City Officials are hereby authorized to accept the one-year Warranty Bond in the amount of $33,648.41 for the Water Distribution and Sewage Collection System Improvements installed for the Plum Harbor Phase 2 Project located on the northeast corner of Nob Hill Road and Commercial Boulevard in accordance with Section 10-156 of the City Code, SECTION 3: That the City Clerk is hereby authorized and directed to release to the Utilities Department for return to Pulte Home Corporation the Performance Bond upon acceptance of the one-year Warranty Bond for the Plum Harbor Phase 2 Project. The bond is in the form of an Irrevocable Standby Letter of Credit #13723796 from Pulte Financial Companies, Inc., in the amount of $97,176.00 for the Water Distribution and Sewage Collection System Improvements. Temp. Reso.#8166 March 3, 1998 4 SECTION 4: All resolutions or parts of resolutions in conflict herewith are hereby repealed to the extent of such conflict. SECTION 5: If any clause, section, other part or application of this Resolution is held by any court of competent jurisdiction to be unconstitutional or invalid, in part or application, it shall not affect the validity of the remaining portions or applications of this Resolution. SECTION 6: This Resolution shall become effective immediately upon its passage and adoption. PASSED, ADOPTED AND APPROVED this $ day of 11998. D2�� JOE SCHREIBER MAYOR ATTEST: CARO OLD, CMC/AAE CLERK I HEREBY CERTIFY that I have approved this RESOLUTION as to fo 'MITCHELL S. KR T� / CITY ATTORNE TR/dav/aml RECOnb OF COMMISSIOW VOTE MAYOR SCHREIBER DIST 1: COMM. MCKAYE Af- DIST 2: V/M MISHKIN MIST 3: COMM. SULTANOF DIST 4: COMM. ROBERTS EXHIBIT 1 is • -0 TEMP. RESO. # 81 Lola // 70 ST 70 ST T 70 ST j/ 70 ST 70 ST g ¢ ;%� g MCNABM ROAD TAMARAC j% TAMA AC MARKET 68 PL TAMARAC /r/ GAR ENS �PJ LIME BA a E T 3 PLACE GA�RD TNSjj �� SEC. II //r. a Q j 67 CT I, T, W, MIMA j / . WESTW❑❑D 2 67 ST a ui w y / AV r// W T OD r W m g /j%j/ J 6� 6j v 66 66 CT j% 66 rT CT j% Q y ST 0 96 AV 65 Pl j/j 66 ST g W D. WOOD I (SPYGLASS :/' sT �P 65 C7 W 94 TERR ap �p��t6A p / 2 y y y THE VILLAGE �' �$ QwQQp pw r Lo LAND SEC, 8J WEDGEWOOD LN Li C ST GOLF C❑URSE W `/ W W •b W W W W y y W •b } W W W W W W W •V j W •b uw SANTA ROSA DR. 61 ST % ¢ N. GRAND DUKE C. PUBLIC a a J r 4 PATIO HUM mE 6 TF x o o > cu I SERVICES N. PLUM BAY PKWY a as x a 60 ST COMPLEX ne w u u STANLEY LN. RED HEART LN z � u a 59 P( j A ? � o H; / LANDINGS ON c w a w W __ vrW = 2 BRADSHAW LN, Li CYPRESS S. GRAND w w w ro / GREENS DUKE C. Y a ° E. PLUM 59 CT / W. P UM ARB R WY HARBOR WY, % WATERS // EDGE LOCATION S8 V. G. C. PARK y ST \\\��\\PLUM ��\�� a \\�\\\ (VISUAL GRAPHICS) m z %%Z Z GRAPHLINE :39 z ST❑R❑PACK THE TAMARAC M I AM I JEW I SH Z \\ HERALD CENTER FERGUSON 57 ST N \\ (CO RD 870) LY❑NS COMM SUB COMMERCIAL BLVD PLUMBY2. DW( PLUM HARBOR PHASE 2 PERFORMANCE BOND RELEASE EXHIBIT 2 Temp. Reso.#8166 PULTE FINANCIAL COMPANIES, INC. 6061 S. WILLOW DRIVE, SUITE 300 GREENWOOD VILLAGE, COLOR -ADO 801 I 1 IRREVOCABLE STANDBY LETTER OF CREDIT LAND SECTION 8 - PLUM HARBOR. PHASE 2 WATER AND SEWERAGE FACILITIES PERFORMANCE SECURITY CITY OF TAMARAC 7525 NW 88TH AVENUE TAMARAC, FLORIDA 33321 DATE: JANUARY 19. 1996 NO: 13723796 AMOUNT: S97,176.00 WE HEREBY OPEN OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO. 13723796 IN YOUR FAVOR, FOR ACCOUNT OF PULTE HOME CORPORATION, 1350 E. NEW -PORT CENTER DRIVE, 4200, DEERFIELD BEACH, FL 33442 FOR A SUM NOT EXCEEDING NINETY SEVEN THOUSAND ONE HUNDRED SEVENTY SIX AND 00/100 US DOLLARS (397,176,00) AVAILABLE BY YOUR DRAFT AT SIGHT ON PULTE FINANCIAL COMPANIES, INC., WHEN ACCOMPANIED BY: A STATEMENT SIGNED BY THE CITY OF TA,NIARAC OR ITS AUTHORIZED REPRESENTATIVE AS FOLLOWS: "WE CERTIFY THAT PULTE HOME CORPORATION HAS FAILED TO COMPLETE THE INSTALLATION OF PUBLIC IMPROVEMENTS INDICATED ON CERTIFIED COST ESTIMATE DATED JANUARY 18, 1996 AND ON PLANS PREPARED BY CRAIG A. SMITH AND ASSOCIATES AND APPROVED BY THE CITY ENGINEER FOR WATER DISTRIBUTION INSTALLATION FOR THE PLUM HARBOR PROJECT AND THAT PULTE HOME CORPORATION'S OBLIGATION TO COMPLY WITH THE REQUIREMENTS OF TAMARAC CITY CODE SECTION 10-156 HAS NOT BEEN MET." IT IS A CONDITION OF THIS LETTER OF CREDIT THAT IT SHALL BE DEEMED AUTOMATICALLY EXTENDED WITHOUT AMENDMENT FOR ONE YEAR PERIODS FROM THE EXPIRATION DATE HEREOF, OR ANY FUTURE EXPIRATION DATE, UNLESS AT LEAST SIXTY (60) DAYS PRIOR TO ANY EXPIRATION DATE WE SHALL NOTIFY YOU BY REGISTERED MAIL. THAT WE ELECT NOT TO CONSIDER THIS LETTER OF CREDIT RENEWED FOR ANY SUCH ADDITIONAL PERIOD. UPON RECEIPT BY YOU OF SUCH NOTICE, YOU MAY DRAW HEREUNDER BY PRESENTING YOUR SIGHT DRAFT DRAWN ON US WHEN ACCOMPANIED BY THE SIGNED STATEMENT AS INDICATED ABOVE OR A STATEMENT SIGNED BY THE CITY OF TAMARAC OR ITS AUTHORIZED REPRESENTATIVE AS FOLLOWS: "WE CERTIFY THAT WE HAVE BEEN NOTIFIED IN WRITING BY PULTE FINANCIAL COMPANIES, INC. OF THEIR ELECTION NOT TO RENEW THEIR LETTER OF CREDIT NO. 13723796 AND THAT A WARRANTY BOND REQUIRED BY THE TANIARAC CITY CODE HAS NOT BEEN PROVIDED." ALL DRAFTS DRAWN UNDER THIS CREDIT MUST BE MARKED "DRAWN UNDER PULTE FINANCIAL COMPANIES, INC. LETTER OF CREDIT NO. 13723796." THIS CREDIT IS SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS (1993 REVISION), INTERNATIONAL CHAMBER OF COMMERCE, PUBLICATION NO. 500, No Text